Tuesday, March 14, 2017

Who would have thought -- react decisively to the financial crisis, come out on top. Iceland thaws!

Iceland eased capital curbs ending almost 9 years of controls on businesses and citizens -- established after its banks collapsed during the financial crisis. Icelandic banks crashed under the weight of debts amassed over years of overseas expansion. As with Ireland and other states, instability spread throughout other European nations. Such excesses helped to inflame the financial crash. The government started dismantling capital controls last year by easing restrictions for local residents, in an island country with around 330,000 people.

Over at the NYT:

Nine years after a giant banking crash made Iceland a symbol of the global financial crisis, the government on Tuesday effectively declared that financial stability had been restored as it ended longstanding restrictions on the flow of money into and out of the country.

Read more at the NYT...

No comments:

Post a Comment